Speaker vows to address petitioners’ concerns vs Maharlika fund

House Speaker Martin Romualdez | File photo from the official website of House of Representatives / congress.gov.ph

MANILA, Philippines — Speaker Ferdinand Martin Romualdez has assured people opposing the Maharlika Investment Fund (MIF) that their concerns would be addressed comprehensively, as the House of Representatives is preparing to submit its comment before the Supreme Court.

In a statement on Wednesday, Romualdez said the House respects the Supreme Court’s directive — that the executive and the legislative comment on petitions against Republic Act No. 11954 or the Maharlika Investment Fund Act of 2023.

“We respect the Supreme Court’s directive for the Executive and Legislative branches of government to provide their response concerning [RA] 11954, the Maharlika Investment Fund Act of 2023. The House of Representatives, under my leadership as the Speaker, affirms its commitment to the rule of law and will duly submit our comment within the ten-day timeframe,” he said.

“The concerns raised by the petitioners deserve to be addressed comprehensively,” he added.

Romualdez’ comment came a day after the Supreme Court en banc session where both branches of government were given 10  days from receipt of notice to submit their comment on the petition.

The petition seeking to declare the said law as unconstitutional was filed by Senate Minority Leader Koko Pimentel and three former Bayan Muna lawmakers – party chairperson Neri Colmenares, Carlos Zarate, and Ferdinand Gaite.

According to the petitioners, Congress disregarded correct legislative processes under the 1987 Constitution when it passed R.A. No. 11954.

The bill containing the MIF, the country’s first sovereign wealth fund, was signed into law by President Ferdinand Marcos Jr. last July 18.  The original version in the House was submitted last November 28, but was approved swiftly before Congress adjourned its session in December, as Marcos certified the measure as urgent.

Petitioners and opposition figures maintained that only bills necessary for emergencies, calamities, and the like can be certified as urgent under the Constitution.

READ: Bongbong Marcos signs Maharlika Investment Fund into law 

But Romualdez maintained that the MIF is important in ensuring economic stability as it would take the burden of funding big ticket projects away from the annual budget.

He also insisted that correct legislative processes were observed in crafting the law.

READ: Zubiri confident that Maharlika fund will withstand judicial scrutiny 

“It is crucial to underscore that the creation of the Maharlika Investment Fund aims to provide the country with a mechanism for financial stability and economic growth. We have followed due legislative processes in crafting and enacting this law, keeping in mind the best interests of the Filipino people,” he said.

“It is important for the public to know that our intent was always to ensure transparency, accountability, and financial prudence in the management of public funds. We will thoroughly review the petition’s claims to ensure the Fund’s integrity and our adherence to the Constitution,” he added.

Romualdez however assured the public that they would be open to any constructive dialogue about the bill.

“Our nation’s prosperity and welfare are at the forefront of our legislative agenda, and we remain open to any constructive dialogue that would further our shared goal of uplifting the lives of Filipinos,” he noted.

JPV